Jake Gyllenhaal, one of the most highly regarded young stars in Hollywood, will receive the Hollywood Supporting Actor Award at the 17th annual Hollywood Film Awards on Oct. 21 at the Beverly Hilton,The Hollywood Reporterhas learned. (The Hollywood Film Awards is owned by affiliates of THR parent company Guggenheim Partners.)

This fall, Gyllenhaal has earned some of the best accolades of his career -- and best supporting actor Oscar buzz -- for his portrayal of a detective leading the investigation for a pair of kidnapped kids in Denis Villeneuve'sPrisoners, which premiered at the Telluride Film Festival and screened at the Toronto Film Festival before hitting theaters in the U.S. this past weekend. The Alcon Entertainment/Warner Bros. drama, which also stars Hugh Jackman, among many others, was the weekend's highest-grossing film at the box office.

The Hollywood Film Awards are determined by founder and executive director Carlos de Abreu and an advisory committee. Last month, the Hollywood Film Awards and Dick Clark Productions, which also produced the Golden Globe Awards,entered into a partnershipthat could lead to the ceremony being televised in future years. Over the past 10 years, Hollywood Film Awards honorees have gone on to garner a total of 96 Oscar nominations and 34 Oscars.

De Abreu tells THR, “We are thrilled to present the Hollywood Supporting Actor Award to Jake Gyllenhaal for his unforgettable performance in Prisoners. His is a truly compelling, subtly layered portrayal of a man tasked with the impossible and driven by the demons of his own past. Jake has given a myriad of outstanding performances throughout his career. But his work in this film achieves a new level of complexity, as reflected in the rave reviews the film has received."